Capital account transaction regulation expanded to specify debt-instrument rules and to cover export, import or holding of currency. Amendment to section 47 substitutes clause (a) to link permissible classes of capital account transactions to debt instruments under section 6(7) and to specify limits, prohibitions, restrictions and regulation of such transactions under section 6; inserts clause (ga) to cover export, import or holding of currency or currency notes; and adds a transitional subsection preserving pre-existing Reserve Bank regulations on capital account transactions until amended or rescinded by the Central Government.
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Capital account transaction regulation expanded to specify debt-instrument rules and to cover export, import or holding of currency.
Amendment to section 47 substitutes clause (a) to link permissible classes of capital account transactions to debt instruments under section 6(7) and to specify limits, prohibitions, restrictions and regulation of such transactions under section 6; inserts clause (ga) to cover export, import or holding of currency or currency notes; and adds a transitional subsection preserving pre-existing Reserve Bank regulations on capital account transactions until amended or rescinded by the Central Government.
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